Igloo Raises $11 Million for New Blockchain Project: Cube Labs and Abstract

Igloo, Inc., the company known for the popular non-fungible token Pudgy Penguins, has just secured a whopping $11 million in funding for its latest blockchain project. The funding round was led by Peter Thiel’s Founders Fund and will be used to develop a new Ethereum-based consumer Layer 2 solution aimed at boosting crypto adoption.

The newly announced venture, Cube Labs, will be the focus of Igloo’s efforts moving forward. Cube Labs will be dedicated to researching and developing Abstract, a new L2 platform designed to drive mass adoption of cryptocurrencies. Abstract is set to offer new opportunities for crypto developers and major brands worldwide, with a consumer-facing platform that aims to integrate digital ownership technology into everyday activities such as work, social interaction, and play.

One of the key features of Abstract will be its use of zero-knowledge (ZK) proof technology to power its functionality. This will not only enhance security but also enable fast and low-cost transactions for users. The platform will also integrate ZK Stack and EigenLayer’s data availability layer, EigenDA, to further strengthen its decentralized finance ecosystem.

Cube Cygaar, the chief technology officer at Cube Labs, expressed the company’s mission to build infrastructure for the next generation of consumer crypto applications. Collaboration with platforms and stakeholders who prioritize user experience will be crucial to the development of Abstract.

In addition to the Founders Fund, the fundraising round also attracted investment from Fenbushi Capital, Everest Ventures Group, 1kx, and Selini Capital. Igloo’s success with Pudgy Penguins and its expansion into consumer-focused blockchain projects demonstrate the company’s commitment to innovation and growth in the crypto space.